Triple lock reaction: "Pendulum swung too much" in favour of retired

Follows WPSC report

Victoria McKeever
clock • 3 min read

The state pension triple lock may have helped retired workers to regain benefits lost in the 1980s and 1990s but "the pendulum has swung far too much in their favour" at the expense of today's working population, according to Thomas Miller Investment wealth management MD Matt Phillips.

Commenting on the Intergenerational Fairness report, which was published yesterday by the Work and Pensions Select Committee (WPSC) and called for a review of the triple lock, Phillips said the policy's 2.5% guaranteed rise in value stood out the most. He added: "It means you are funding pensions going up and up in value but the working age population have to carry that burden, while also suffering themselves in the current economic climate." Aegon pensions director Steven Cameron agreed that reviewing the triple lock made sense in order to level the playing field between generations,...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

FCA/TPR value for money framework a 'key priority' for 2024/25

FCA/TPR value for money framework a 'key priority' for 2024/25

Regulatory duo first announced a plan for common measurements in 2022

Hope Coumbe
clock 10 May 2024 • 1 min read
NAO finds estimated cost of dashboards has risen £54m

NAO finds estimated cost of dashboards has risen £54m

'The DWP must learn lessons from what happened on this programme'

Holly Roach
clock 10 May 2024 • 3 min read
FCA urged to redesign pension dashboard rules to 'prioritise customers'

FCA urged to redesign pension dashboard rules to 'prioritise customers'

AJ Bell calls on regulator to redesign the rules

Isabel Baxter
clock 09 May 2024 • 2 min read